According to the hedge fund’s annual report, Gartmore’s CEO Jeff Meyer is entitled to twice his pay and double his target bonus of £2.325 million if he is dismissed without cause.
His annual base salary is £175,000, so that brings his golden parachute to a grand total of £5 million or $7.2 million, according to the Times.
Still, his return to the board was contested much less than other board members’ at the annual meeting.
Andrew Skirton, David Barclay and David Lindsell all received around 4.2% of votes against their return, and a whopping 7.7% voted against Adam Bellamy, the chairman, according to Financial News.
Gartmore apparently acknowledged that its pay plans and “general lack of disclosure” about company pay did not meet best practice. They’re going to review it further later.
And shareholders are given another reason to be unhappy with Gartmore, yikes.
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